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of <h1>Assessee not liable for penalty under Sec. 76 of Finance Act, 1994.</h1> The Karnataka HC dismissed the assessee's appeal, upholding the order that found the assessee not liable for penalty under Sec. 76 of the Finance Act, ... Imposition of penalty u/s 76 of the FA, 1994 - The assessee has paid both the service tax and interest for delayed payments before issue of SCN under the Act - Section 73 of FA - Held that: - Sub-section (3) of Section 73 of the FA, 1994 categorically states, after the payment of service tax and interest is made and the said information is furnished to the authorities, then the authorities shall not serve any notice under sub-section (1) in respect of the amount so paid. Therefore, authorities have no authority to initiate proceedings for recovery of penalty u/s 76 of the Act - appeal dismissed - decided against Revenue. The Karnataka High Court dismissed the appeal by the assessee challenging the order that held the assessee not liable to pay penalty under Sec. 76 of the Finance Act, 1994. The court stated that since the assessee had paid the service tax and interest before the show cause notice was issued, no penalty could be imposed.
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